Abdul Latif Jameel Finance, a provider of financing solutions regulated by the Saudi Central Bank (SAMA), and Ant International have signed a MoU to explore opportunities in the fintech sector in Saudi Arabia.

The collaboration aims to support the growth of SMEs in the Kingdom through advanced digital services.

The partnership will focus on a range of digital financial services for businesses and consumers.

This includes exploring how WorldFirst, Ant International’s digital cross-border payment and treasury account service, can support Abdul Latif Jameel Finance’s digitisation strategy across its financial and consumer businesses.

The parties will also collaborate on cross-border payment solutions using Alipay+, Ant International’s global mobile wallet gateway, to facilitate the local and international expansion of customers within Abdul Latif Jameel Finance’s merchant network.

In addition, the companies will explore opportunities in embedded finance, utilising Ant International’s digital technologies.

Dr Khalid Alsharif, CEO of Abdul Latif Jameel Finance, said:

“Our collaboration with Ant International represents an important step toward realising our vision of enabling innovative and more inclusive financial solutions in Saudi Arabia. As the fintech ecosystem continues to evolve, we remain committed to contributing to the advancement of the financial sector, in line with Vision 2030.”

Leiming Chen, Senior Vice President and Chief Sustainability Officer of Ant International, added:

“The MoU is another important step in Ant International’s journey to build cross-sector partnerships with regional industry leaders in supporting Saudi Arabia’s digital economy agenda.”

Featured image credit: Abdul Latif Jameel Finance